Would I be mad to sell my house

[dewisant2020]

I've been seriously thinking off selling my home lately and moving into rented accommodation.
The reasons for that is the sale of my house would pay off all my debt and leave a fair few pounds left to enjoy life a bit, I wouldn't have to worry about big repair bills and I could move around a lot more easily.

Some friends say I'm absolutely mad to be even thinking about doing that, would do you all think?

Thank you everyone I know you are right, I seriously need to have a little think about what to do next.
I've not moved houses for many years and am completely out of touch with the housing market at the moment.
When the estate agent lady came to see my house the other day to value it she said she could sell it within a day or 2 and seemed so positive.
I didn't think about an over 50's housing scheme that could actually be a very good idea.

Insane

what are you going to do when the £300k runs out?

sell and buy a small flat outright

How big are repairs going to be compared with monthly rental outgoings? Clearly lower, or landlords wouldn’t make a profit.

A two bedroom apartment near me would be £1900pcm at the moment, you aren’t going to spend that much a year on upkeep.

Down size, or rent it out and rent a smaller place that’s cheaper than the rent you bring in if you want to travel etc.

What you haven’t considered is how often private landlords are complete shits. The rented house/ apartment will remain un repaired, leaking, dirty and totally insecure. You can have your new life set up and within five minutes of you cleaning up and painting he can inform you that his aunt Mabel needs it and he would like you to move out again. Moving is expensive and soul destroying.
Sell your house and downsize to something cheaper so you can pay off your debt. Then if you want to travel you can rent it out.
Don’t give up such an important asset that you will never get back. Sentencing yourself to a retirement and later old age with a private landlord is a mistake you will bitterly regret. It’s like throwing yourself to the wolves but hoping they’ll be friendly. They won’t.

Buy a small flat (way less upkeep) and pay off debt and mortgage, then you can rent it out if you fancy a change and still get an income!

Can you get a lodger, Monday to Friday ? The rent would be able to pay off your debt, and then saved into an account not pay for future repairs.

Do not sell, renting is not the way forward if you have a home you own.

you would do better to talk about equity release in a few years when you are old enough

You would be absolutely crazy with this plan. You could end up moving every 6 months if landlords want you out for whatever reason. Then it's more money on deposits etc....

Buy a 2 bed bungalow somewhere for about 250k and keep some aside for property maintenance. You will be mortgage free and able to save for any more maintenance.

Downsize to a small flat, at least it will give you security and you can't be kicked out x

I didn't think about an over 50's housing scheme that could actually be a very good idea.
I think that they are over-55s schemes. Most people do the "I'm not old enough yet, I'm not going to live with the wrinklies" denial thing so very few occupants are 55. People in these schemes are usually at least 10 years older than the 'advertised' age.

No, read the articles in the papers today about Liz Jones. She's renting in her early 70s and getting passed from pillar to post. Just been evicted again. It sounds utterly dreadful.

If I were you I would downsize or release equity.

Check the small print on over 50s - retirement homes
They can be a nightmare to sell and retirement homes in particular have huge service charges and when you die 😂 your daughter will have to continue paying those service charges until it’s sold .

And because there are so many nice brand new over 50s developments around type the resale value is crap generally

Definitely downsize to reduce your mortgage as much as possible to something modern and energy efficient but don't sell it and rent. You will squander the savings and could live for another 30 /40 years, what are you going to do for rent all that time? Also what do you mean your career is coming to an end?

Ignore my last line, I think I imagined that you said your career was coming to and end

Could you buy something in a cheap area so if it goes tits up youve still got a home.

It would be nice to be able to leave something for your daughter and possible grandchildren. Lots of people do rent but for the most part, it's because they are unable to buy. Actually having your own property is a great asset. I would stay put if you can manage to.

All those saying get a flat, she would still have service charges that can be extortionate when major work needs doing and you are at the mercy of the freeholder (and I say this is an ex freeholder!).

You would have to be crazy or desperate to do that. Renting is more expensive and insecure. I would t fancy paying rent on a pension.

Then surely the answer is just to downsize into something that is easily maintained?

Don’t think about renting at your age - Google Liz Smith to see the stress she is going through by renting as a middle aged woman.
Only sell your property if you are downsizing, anything else is foolish.

No way. You’d have no security at all. Downsize and buy something smaller - or rent it and rent something cheaper to free up money.

I meant Liz Jones not Liz Smith 🙄

Don’t do it!!
For all the reasons people have said.

I am going to buck the trend and say “ It could work” and with high interest rates this is probably the best time to do it.
If you sold your house and made 300k, you could invest 275k in a guaranteed fixed saving account for 3-5 years that would make 14k a year (which hopefully covers your rent), you then have 3-5 years to decide where you want to live, because the money is locked away you will not be tempted to splurge. The housing markets in 5 years may not have risen or if you are lucky actually fall in the area you want.

I would then buy a smaller property in the place you fall in love with and you have scratched that itch.
downsides to consider are:
Tax you pay on interest (depends on earnings).
Property prices may continue to rise.
You have tied the money up if you hate renting.

Lodger is the best advice here, if you can stand to live with someone as the tax free amount of £7500 is generous.

Either way, good luck.

Seriously look at the terms and conditions on over 50s properties .
My neighbour was ripped off when buying one , the service charges horrendous and she hadn't read the small print . She would have been much better off downsizing to a smaller house being mortgage free and having a nice nest egg .